Trend following update on the S&P 500 Index

Today the S&P 500 Index has re-established a long term Upward trend. It has crossed above a trend momentum measure of, at or above, a 10% annualized rate of growth over a 200 day ma. Additionally today, it is trading above last weeks high.

Which do you like? The 10 year US Treasury Note today is yielding 2.13%, and many around the world are 0%.

So we’ll see how the day and the week close.

Trend following uses price action, and ignores news, tweets, FaceBook, hot tips, stock and economics “fundamentals”, and bubblevision (television).

S&P 500 Index trend following update

the index is trying to rally

To begin to re-establish a long term Upward trend, we want to see it overcome the S/R (Support and resistance price level) of the High of last week – $2,841. This will help to show us that The Fed tweet is more than a short covering rally. Currently the Index is trading below a 10% annualized rate of growth over a 200 day ma.

Stock chart of the S&P 500 index

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Consumer Staples Select Sector Index

Trend following the Consumer Staples Select Sector Index $IXR $XLP $NEED  .. another in a series of routine Weekly Breakouts. The Index is trading at or in excess of a 15% annualized growth rate over a 200 day ma.

stock chart of the Consumer Staples Select Sector Index

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S&P 500 Index breaking levels

Trend following The S&P 500 Index today, trading at $2,811 at the moment, is trading under last month’s low of $2,848 and under last week’s low of $2,825, but above a major Price Reversal of $2,799 on the Weekly as shown on the stock chart below. If it rejects this level, and then closes higher on the Weekly, that will be a long term Bullish…aka BTD, or “Buy The Dip”.

S&P 500 Index Weekly

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The Dow 30 Index moving into long term Downward status

trading well under Reversals

Trend following the Dow Jones Industrials Index $DJI today. Looking at the Weekly Reversal (multiple 5% reversals), it is trading well under a major S/R (Support and Resistance Price Level) of $26,184.00. And The Index today is about to cross under 0% annualized growth rate over the past 200 day ma. There are a bunch of RSI “Sells” going back 2 weeks, way in advance of today’s tweet.

Dow Jones 30 Index $DJI Weekly lookbacks Reversal chart:

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S&P 500 Index – end of week

..the Bull trend continues ..

Trend following The S&P 500 Index $SPX end of week,.. another Upward week over week.

The Index remains in a strong Upward trend, at or exceeding, over a 200 day ma, 15% annualized growth rate.

The Weekly chart:

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The 15% annualized growth rate chart:

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Gold Mining Index – testing support, again

So this thing certainly is not on the Bullish Trend List.

Trend following the sell-off, The Gold Miners Index $GDM $GDX is  testing another S/R (Support and Resistance Price Level) at $576.60.  So this thing certainly is not on the Bullish Trend List. When it returns to a trend in excess of, or at a minimum of, 10% annualized over 200 days ma, it’ll be back on the Upward Trend List.  This index is one of 20 we monitor.

Market Chart 63 day, daily:

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